Sometimes it seems that no matter how carefully you plan and how neatly you do your calculations, your first property is always out of reach.

If your parent(s) can help, but you want to feel that you're standing on your own two feet, then the Coventry Step-Up facility could be the ideal solution. The Coventry Step-Up facility enables first time buyers (and their partners too), to join forces with their parent(s) to buy their first home.

How many names can be on the mortgage?

Up to four.

Is it just available to parent(s) and children?

Some close relatives are included too - contact us for more information.

Is the Coventry Step-Up facility just for first time buyers?

Yes.

Which mortgage can I choose?

Any of the products in our range of standard schemes or our first time buyer schemes.

How many incomes do you take into account?

Two, one must be the first time buyer's income.

How much can I borrow?

It depends on the amount of the two incomes, the value of the property and which product you choose. The maximum loan is £250,000. The maximum loan to value is 90% (dependant on product availability).

Do you take into account my parent's current mortgage payments?

Yes, their annual mortgage payments are deducted from their annual income.

How old do I need to be to apply?

You'll need to be at least 21 and under 85 at the end of the mortgage.

How long can I take to repay the mortgage?

Up to 35 years.

How much do I need to earn?

The first time buyer will need to have an admissible income of at least £15,000 a year.

How long do I need to have been employed for?

You'll need to have been employed for at least one year.

Do we need to pay the mortgage from a joint bank account?

No, we can claim a single Direct Debit and you can choose where to pay it from - either a sole or joint account.

Do my parents and I need to live in the UK?

Yes - both you and your parent(s) need to live in the UK.

What happens if I move house?

Our Coventry Step-Up facility is portable and can be taken with you when you move home.

What happens if the mortgage isn't paid?

Everyone who is on the mortgage is jointly liable.

Can the child release the parent from the mortgage?

Yes, the customers remaining on the mortgage must prove that they can afford the mortgage payments on their own.

Who owns the property?

You jointly own the property; however, if you want to change the proportion of ownership you can draw up a legal agreement with your own solicitor.

Does Coventry Step-Up affect my tax position?

Each person's tax position is dependent on their individual circumstances. For example, there may be a liability for Inheritance Tax or for Capital Gains Tax, so we strongly recommend that you take independent legal and financial advice before taking out a Coventry Step-Up.

Where can I get legal and financial advice?

You'll find details of solicitors and financial advisors in local telephone directories or at www.lawsociety.co.uk. Alternatively, you can contact an independent panel of solicitors through Easier2Move conveyancing* by calling 07004 327437 (calls are charged at national rate).

*Any advice from Easier2Move or any of its panel of solicitors is not endorsed by Coventry Building Society which accepts no responsibility for any advice given by Easier2Move or its panel of solicitors.